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HPS Q1 2026 Revenue Surges 10.7% on Record Backlog Execution and SaaS Momentum

HPS posted a solid 10.7% YoY increase in consolidated revenue for the first quarter of 2026, driven by the start‑up of projects that filled a record‑breaking backlog in 2025 and a continued expansion of its SaaS offering. The payment division, which accounts for nearly 88% of total revenue, grew 17.7% while SaaS revenues jumped 19.1% as platforms scale in North America and Australia. Geographically, the Americas and Asia are fast becoming the group’s primary growth engines, with their revenue shares rising to 8.2% and 17.5% respectively. A strong backlog of MAD 1.66 bn – 69% of which is recurring – underpins the outlook, while R&D spending stays focused on security, AI and open‑banking capabilities.

May 25th, 2026

2 min read

By boursenews.ma

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Key Highlights

Consolidated revenue up 10.7% YoY to MAD 342 million.
Payment segment drives growth, posting a 17.7% increase.
Backlog stands at MAD 1.66 billion, 69% of which is recurring.
SaaS revenue climbs 19.1% as platforms scale in North America and Australia.
Geographic expansion: Americas contribution rises to 8.2%, Asia to 17.5%.

Revenue Performance

HPS reported consolidated revenues of MAD 342 million for Q1 2026, a 10.7% increase over the same period last year (5.9% on a constant‑currency basis). The uptick stems from the execution of projects that filled a record backlog at the end of 2025 and from the continued scaling of the group's recurring‑revenue model.

Payment Business

The Payment line, including CR2, generated MAD 296.2 million, up 17.7% YoY. Growth was powered by:

PowerCARD & BankWorld projects, which surged 47.2% as client deployments accelerated.
SaaS adoption, up 19.1%, driven by platform rollout in North America and Australia.
Higher maintenance revenues and a 3.1% increase in SaaS royalties.
Strong client demand for new features and regulatory support, boosting upselling by 46%.

Switching Activity

Switching revenues grew 3.0% in Q1 2026, buoyed by expanding mobile transaction volumes and value‑added services for partners. The Switch Al Maghrib platform (formerly HPS Switch) continues to improve both technologically and operationally, ensuring high availability and enhanced security.

Testing Segment

Testing revenues rose 6.0% year‑over‑year. The group is still evaluating the strategic direction of this line of business.

Backlog & Outlook

At the end of March 2026 the backlog reached nearly MAD 1.66 billion, with recurring revenue now representing 69% (up from 67% a year earlier). This reinforces visibility of future cash flows and underscores the shift toward a more recurring business model.

R&D Investment

R&D spend for the quarter was MAD 34 million, a slight decline of 2.6% from the same period in 2025. Priorities included security and compliance upgrades, AI capabilities, and alignment with open‑banking/open‑finance standards.

Financial Position

Cash stood at MAD 250 million as of 31 March 2026, down marginally from MAD 256 million at year‑end 2025. Net debt fell 1.4% to MAD 446 million, while net‑debt‑to‑cash remained stable at MAD 196 million.

2026 Outlook

The first‑quarter results confirm the trajectory set out in the 2025 annual report. HPS aims for organic growth between 12% and 17% in 2026, with incremental improvements to EBITDA margin as SaaS and cloud‑based offerings scale.